As an entrepreneur, you may know every detail about your small business, but can you say the same about your customers? In order to effectively market your products or services, you need to know who's purchasing them! Market research consists of gathering and analyzing data about your customers in order to understand them better. "By gathering as much data as possible about your clients you can not only keep the customers you already have but also find more customers and increase your profits," says Louise Johnsson-Zea, small business marketing consultant at ACCION.
You don't need to hire a pro to conduct research on your target market-put your own investigative skills to use and do it yourself! For example, as a storefront owner, you can gather data inexpensively by conducting a survey at your store. By following the steps below, you'll be well on your way to understanding the market your business serves.
Step 1: Determine the Questions You Need Answered. In order to understand your customers, list the questions that are relevant to both your customers and your business. Johnsson-Zea recommends asking yourself and your customers the following:
-Who are your current or potential customers? Where do they live?
-What do they like about your product or service?
-What suggestions do they have for improvement of your product or service?
-How did they hear about you?
-What newspapers do they read? What radio stations do they listen to?
-How much are your customers willing or able to pay for your services?
-How much are your competitors charging for similar products, services?
-How unique is your product? What makes it unique?
Step 2: Get Data from Primary and Secondary Sources. By using basic surveys, information you already have in hand, and conducting basic internet research, you can find the answers to your research questions.
Primary sources. This is information obtained directly from your clients through surveys or by analyzing information you already have available in your records. "You can do a simple analysis of billing zip codes to determine where your customers live or look at their title (Mr, Ms., or Mrs.) to find out their gender," suggests Johnsson-Zea. "Also, simple observation of customer behavior can go a long way. Determine areas of your store where customers linger at make note of what products they ask for."
Secondary sources. This is information that has already been gathered and published by someone else, such as the U.S. Census Bureau statistics. Visit your local library for resources, or spend a few hours online. You can access census information at http://www.census.gov
Your Money & You Staff have written a series of finance related articles. For additional information on related topics, visit http://yourmoney.accion.org
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